Weekly Digest – 16 November 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

New Zealand looks to world markets to guess what’s coming next

There was a lot to digest in the markets this week, from crypto crashing to central banks making interest rate decisions. Find a summary of key events from the past week that affect New Zealand here.

Potential home buyers reluctant amidst unpredictable conditions

A lot more housing stock is available compared to this time last year, but rising interest rates and other complex factors are causing potential buyers to pause. Both overall prices and sales activity are down for the year.

Affordable mortgage rates even tougher to lock in for the self-employed

The difference between gross income and net income is often significant for those who are self-employed, and the banks consider net income when determining the risk level for an applicant. The distinction has left some potential buyers out in the cold.

Pay rises unevenly distributed across the workforce

While many workers have thankfully enjoyed healthy pay rises due to the soaring cost of living, not everyone is benefitting as much as it may seem. Stuff breaks down the discrepancies here.

Mass layoffs at Amazon starting as soon as this week

It seems that none of the large corporations are immune to current economic conditions, with Amazon announcing they will be laying off about 10,000 workers across departments.

Jeff Bezos announces he will give away most of his fortune worth over US$124 billion

He started by awarding Dolly Parton, who is well-known for funding worthy causes, $100 million to donate as she sees fit. A fund to fight climate change is also in the works.

No more free lunches at Twitter

Elon Musk said that the average meal cost US$400 per person – a claim that the former head of the meal program refuted on Twitter. The cut comes days after Musk scrapped Twitter’s work from home policy and mandated employees to return to the office for at least 40 hours a week.

Funds vanish from crypto exchange

FTX, one of the world’s largest cryptocurrency exchanges, filed for bankruptcy on Friday. Hours later, US$477 million was missing from the exchange. A probe is underway.

Are petrol cars done for good?

Kiwis have adopted EVs at astounding rates, with some speculating that registrations will outpace those for petrol cars within a year.

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